Investments

North East deals of the week: key acquisitions, contracts and investments


Gateshead tech group Aspire Technology Solutions expanded its footprint after snapping up Glasgow business Cloud Cover IT.

The cyber security and IT solutions provider, based at Pipewell Studios on the banks of the Tyne, said the addition of managed service provider Cloud Cover IT marks a strategic acquisition for the growing group, which is seeking to expand into new UK regions and grow its portfolio of technology solutions.




Cloud Cover IT has been delivering IT support and digital transformation solutions for more than 11 years and it will now have access to the full range of Aspire products, solutions and expertise to offer to its customers. The deal will see the company, which had 34 employees in most recent accounts up to April 2022, become a part of the Aspire group with its software development and business applications division being rebranded as ‘Flyte’.

Chris Fraser, Aspire CEO and founder said: “Our acquisition of Cloud Cover IT marks a new and exciting chapter for both companies. This move will strengthen our presence in Scotland, positioning us in a thriving market.

“The Cloud Cover team will become an integral part of the Aspire group, and together, we believe we can grow significantly in this key strategic market. I’m excited to see the opportunities accelerate as we offer customers, present and future, the innovative solutions that they need in a changing world. Exciting times lie ahead.”

Stack Seaburn has become a cultural hub in the North East(Image: Craig Connor/ChronicleLive)

North East leisure operator Stack received investment from a London private equity house to help accelerate plans to take its popular drinking and dining destinations across the UK.

The firm’s original shipping container destination in Newcastle dominated the former Odeon cinema site until it closed in May 2022, having welcomed three million visitors and served up a huge boost to the city’s economy over four years. Since then, the firm has launched a Stack site in Seaburn, Sunderland, with several more in the pipeline.

Now the firm – part of Danieli Group, which also operates a security business and a number of other venues including Yolo Townhouse, Yolo Ponteland and The Muddler – has secured an indisclosed investment from King Park Capital (KPC). The investment comes as a series of new sites gain momentum, with Lincoln already in the construction phase alongside the St James’ Stack – a joint venture with Newcastle United that will establish a Fan Zone by the stadium.



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